by Yair Altman, News Agencies and Israel Hayom Staff
Israel's fight against these issues is "one of the three most effective efforts in the world," FATF says
Israel has been accepted as a member of a
global intergovernmental body dedicated to combating money laundering
and terrorism financing, a step that could help it influence policy
against regional foes, the Justice Ministry said on Monday.
The Financial Action Task Force confirmed
Israel has been accepted as its 38th member, noting that Israel's fight
against money laundering and terrorism financing is "one of the three
most effective efforts in the world."
The Paris-based watchdog group said that
Israel had been an observer in the organization since February 2016 and
that its upgrade to membership followed "successful mutual evaluation."
"During this demanding process, the country
demonstrated its commitment to protect the integrity of the financial
system," FATF President Marshall Billingslea said.
The organization's most recent report found
that Israel excels in three main areas: the struggle against terror
financing, the efficiency demonstrated by the Israel Money Laundering
and Terror Financing Prohibition Authority, and the government's policy
of seizing assets and money derived from criminal activity.
Between 2013 and 2017, Israel seized an average of €24.6 million ($28 million) in illicit funds every year.
Justice Minister Ayelet Shaked welcomed the
announcement, saying, "This is an achievement akin to Israel's
acceptance to the Organization for Economic Cooperation and
Development."
Lauding the fact that Israel ranks third in
the world, after the United States and Britain, in its efforts to
curb money laundering and terror financing, Shaked said, "The FATF is
an organization that sets the global agenda on these issues and
joining it is a national and diplomatic achievement that will
contribute to Israel's ability to fight terror financing in the
international arena."
"This also strengthens the Israeli
economy, positions Israel as an attractive destination for
international investments, and improves the Israeli financial sector's
ability to operate in the global economic arena," she said.
Attorney General Avichai Mendelblit said,
"The FATF's decision to have Israel join its ranks reflects the work
of all law enforcement agencies in Israel, their cooperation on all
aspects of integrated economic enforcement, and Israel's deep
commitment to fighting serious criminal activity, money laundering of
and terror financing.
"I lend great importance to the continued
consolidation and strengthening of our capabilities in this field, in
order to further effectively promote undermining the funding and
financial infrastructure of crime and terrorist organizations in
Israel," he said.
Shlomit Wagman-Ratner, head of the
Anti-Money Laundering and Terrorism Financing Department at the Justice
Ministry, said joining the FATF was a national strategic objective that
would allow the Israeli financial sector to function more easily in the
international economy.
"An additional significant factor is that,
for the first time, Israel will be able to take part in setting
international rules in the realm of terror financing and money
laundering, rules that it is subject to in any event," she said.
Israel's arch-foe Iran has been under
scrutiny from the FATF. Israel has also lobbied world powers to help cut
funding for Hezbollah and Hamas, its Lebanese and Palestinian enemies.
Yair Altman, News Agencies and Israel Hayom Staff
Source: http://www.israelhayom.com/2018/12/10/israel-joins-watchdog-group-combating-terror-financing-money-laundering/
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